Q1'2012 Consolidated Financials

RNS Number : 0301D

Commercial Intnl Bank (Egypt) SAE

10 May 2012

 

Commercial International Bank (Egypt) S.A.E.
Consolidated Financial Statements
March 31,  2012
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
FINANCIAL POSITION
As of March 31, 2012
Amounts in EGP	Note	March 31, 2012		Dec. 31, 2011
Assets
Cash & Balances with Central Bank	15	5,395,158,277		7,492,064,510
Due From Banks	16	9,585,450,690		8,528,229,519
Treasury Bills & Other Governmental Notes	17	8,945,402,411		9,260,842,183
Trading Financial Assets	18	755,247,826		675,325,450
Loans & Advances to Banks	19	1,256,754,859		1,395,594,609
Loans & Advances to Customers	20	38,796,381,998		39,669,785,864
Derivative Financial Instruments	21	100,130,748		146,544,656
Financial Investments
Available for Sale	22	15,613,350,760		15,421,546,277
Held to Maturity	22	2,968,003,170		39,159,520
Investments in Associates	23	107,263,197		106,676,167
Brokers-Debit Balances		165,281,827		24,185,525
Reconciliation Accounts- Debit Balances		64,521,040		42,507,905
Investment Property	24	12,024,686		12,774,686
Other Assets	25	1,828,667,924		1,534,819,491
Goodwill	41	9,557,635		120,280,337
Intangible Assets	41	110,062,726		309,353,104
Deferred Tax	33	132,465,311		123,977,698
Property, Plant and Equipment	26	665,619,294		630,508,089
Total Assets		86,511,344,379		85,534,175,590
Liabilities and Equity
Liabilities
Due to Banks	27	1,044,862,620		3,340,794,517
Due to Customers	28	74,220,144,511		71,467,935,259
Brokers-Credit Balance		167,469,743		111,851,855
Derivative Financial Instruments	21	99,867,019		114,287,990
Dividends Payable		593,456,300		-
Other Liabilities	30	1,661,017,866		1,342,736,040
Long Term Loans	29	101,931,664		99,333,376
Other Provisions	31	330,426,849		270,801,909
Total Liabilities		78,219,176,572		76,747,740,946
Equity
Issued and Paid In Capital	32	5,934,562,990		5,934,562,990
Reserves	32	2,128,871,658		1,387,842,060
Reserve for Employee Stock Ownership Plan (ESOP)		159,589,436		137,354,418
Retained Earnings		(482,974,986)		(334,419,692)
Total Equity		7,740,049,098		7,125,339,776
Net Profit of the Period/Year After Tax		505,058,727		1,614,738,322
Total Equity And Net Profit For Period/Year		8,245,107,825		8,740,078,098
Minority Interest		47,059,982		46,356,546
Total Minority Interest and Equity		8,292,167,807		8,786,434,644
Total Liabilities, Equity and Minority Interest		86,511,344,379		85,534,175,590
Contingent Liabilities and Commitments
Letters of Credit, Guarantees and Other Commitments	37	13,743,186,274		12,559,553,516
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
INCOME  STATEMENT
As of March 31, 2012
Amounts in EGP.	Note	March 31, 2012		March 31, 2011
Interest and Similar Income		1,668,937,886		1,286,398,794
Interest and Similar Expenses		(799,348,535)		(653,625,132)
Net Interest Income	6	869,589,351		632,773,663
Fees & Commissions Income		236,641,466		209,255,454
Fees and Commissions Expense		(23,670,700)		(18,812,529)
Net Income from Fees and Commissions	7	212,970,766		190,442,925
Dividend Income	8	3,948,837		574,699
Net Trading Income	9	100,610,509		152,595,764
Profit from Financial Investments	22	(367,885)		1,188,453
Goodwill Amortization		(868,876)		(10,023,361)
Administrative Expenses	10	(380,677,854)		(383,,154,796)
Other operating (Expenses) Income	11	(37,680,487)		(68,326,206)
Impairment Charge for Credit Losses	12	(16,542,204)		(122,800,880)
Intangible Assets Amortization		(6,349,773)		(16,866,810)
Bank's Share in the Profits of Associates		560,511		12,280,486
Net Profit Before Tax		745,192,895		388,683,936
Income Tax Expense	13	(248,259,945)		(90,219,908)
Deferred Tax	33 & 13	8,487,613		9,404,735
Net Profit of The Year		505,420,563		307,868,763
Minority Interest		361,836		(75,261)
Bank Shareholders		505,058,727		307,944,024
Earning per share	14
Basic		0.18		0.52
Diluted		0.78		0.51
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1a
As of March. 31 2012
Amounts in EGP.		March 31, 2012		March 31, 2011
Cash Flow from Operating Activities
Net Profit Before Tax		745,192,895		388,683,936
Adjustments To Reconcile Net Profit
To Net Cash Provided by Operating Activities
Depreciation		42,167,415		57,879,734
Assets Impairment  Charges		16,560,299		(48,065,735)
Other Provisions Charges		67,087,237		129,239,762
Trading Financial Investment Revaluation Differences		(18,693,025)		41,629,180
Intangible Assets Amortization		6,349,773		(16,866,810)
Goodwill Amortization		868,876		(10,023,361)
Financial Investments Impairment Charge (Release)		(2,080,949)		-
Utilization of Other Provisions		(8,253,610)		(2,939,853)
Other Provisions No Longer Used		(531,054)		(656,595)
Exchange Differences of Other Provisions		1,304,271		3,969,911
Profits From Selling Property, Plant and Equipment		(43,012)		(942,513)
Profits From Selling Financial Investments		637,353		(48,401,288)
Profits from Selling Associates		-		(1,873,813)
Exchange Differences of Long Term Loans		90,904		5,076,685
Share Based Payments		22,235,018		20,703,739
Investments in Associates Revaluation		(587,031)		(7,676,650)
Real Estate Investments Impairment Charges		-		361,200
Operating Profits Before Changes in Operating Assets and Liabilities		872,305,360		510,097,529
Net Decrease (Increase) in Assets and Liabilities
Due from banks		(1,025,354,198)		(3,279,200,104)
Treasury Bills & Other Governmental Notes		(2,799,053,252)		2,022,307,742
Trading Financial Assets		(61,229,351)		913,773,498
Derivative Financial Instruments		31,992,937		(35,963,064)
Loans and Advances to Banks and Customers		995,701,413		(1,333,938,801)
Other Assets		(457,703,493)		132,257,746
Due to Banks		(2,295,931,897)		1,841,027,396
Due to Customers		2,752,209,252		1,899,564,493
Other Liabilities		125,639,781		(44,880,016)
Net Cash Provided from Operating Activities		(1,861,423,448)		2,625,045,419
COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
CASH FLOW STATEMENT 1b
As of March. 31, 2012		March 31, 2012		March 31, 2011
Cash Flow From Investing Activities
Proceeds from Selling Subsidiary and Associates		-		1,529,580
Purchase of Property, Plant and Equipment		(76,489,984)		(26,508,211)
Redemption of Held-to-Maturity Financial Investments		-		34,617,947
Purchases of Held to Maturity Financial Investment		(2,928,843,650)		-
Purchases of Available for Sale Financial Investments		(3,237,264,572)		(1,899,829,040)
Proceeds from Selling Available For Sale Financial Investments		3,133,982,206		(2,722,780,311)
Proceeds from Real Estate Investments		750,000		-
Net Cash Generated from (Used in) Investing  Activities		(3,107,866,001)		(813,311,955)
Cash Flow From Financing Activities
Increase (Decrease) in Long Term Loans		2,507,384		130,760,790
Dividend Paid		(212,750,218)		(252,918,831)
Net Cash Generated from (Used in) Financing Activities		(210,242,834)		(122,158,041)
Net Increase (Decrease) in Cash and Cash Equivalent		(5,179,532,283)		1,707,511,853
Beginning Balance of Cash and Cash Equivalent		8,207,517,133		8,058,126,497
Cash & Cash Equivalent Balance At the End of the Period		3,027,984,849		9,765,638,350
Cash & Cash Equivalent Comprise
Cash and Balances with Central Bank		5,395,158,277		5,168,990,444
Due From Banks		9,585,450,690		10,037,292,508
Treasury Bills and Other Governmental Notes		8,945,402,411		9,309,050,446
Obligatory Reserve Balance With CBE		(2,979,789,724)		(2,551,784,030)
Due from Banks (Time Deposits) More than Three Months		(6,297,816,068)		(7,128,104,678)
Treasury Bills With Maturity More than Three months		(8,821,367,483)		(7,092,113,082)
Total Cash & Cash Equivalent		3,027,984,849		9,765,638,350

COMMERCIAL INTERNATIONAL BANK (EGYPT) S.A.E
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
As of March. 31, 2011

March. 31, 2011	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition	Retained Earnings (EGP)	Special Reserve (EGP)	Reserve for A.F.S Investment Revaluation Diff. (EGP)	Banking Risks Reserve (EGP)	Profits of the period (EGP)	Reserve for Employee Stock Ownership Plan ESOP (EGP)	Total Shareholders Equity (EGP)	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,901,443,660	125,128,337	78,412,462	302,794,421	(203,604,610)	184,356,569	(18,418,736)	156,992,515	1,890,311,700	149,520,858	8,566,937,115	46,965,639	8,613,902,754
Transferred to Reserves	-	106,216,559	1,066,083,988	-	-	1,574,746	-	-	(1,173,875,293)	-	-	-	-
Transferred to Retained Earning	-	-	-	-	(121,501,406)	-	-	-	121,501,406	-	-	-	-
Dividend paid	-	-	-	-	(20,231,298)	-	-	-	(822,831,893)	-	(843,063,191)	-	(843,063,191)
Net Profit of the year	-	-	-	-	-	-	-	-	307,944,024	-	307,944,024	(75,261)	307,868,763
Change During the period	-	-	-	-	(1,262,583)	-	-	-	-	-	(1,262,583)	(102,844)	(,1365,427)
Financial Investment	-	-	-	-	-	-	(285,330,326)	-	-	-	(285,330,326)	-	(285,330,326)
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(2,648,019)	2,648,019	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	20,703,739	20,703,739	-	20,703,739
End of the period	5,901,443,600	231,344,896	1,144,496,450	302,794,421	(346,599,897)	185,931,315	(303,749,062)	154,344,496	325,697,963	170,224,597	7,765,928,778	46,787,534	7,812,716,312

March 31, 2012	Capital (EGP)	Legal Reserve (EGP)	General Reserve (EGP)	Intangible Assets Value for Bank Share before Acquisition (EGP)	Retained Earnings (EGP)	Special Reserves (EGP)	Reserves for A.F.S Investments Revaluation Diff. (EGP)	Banking Risk reserve (EGP)	Profits of the period	Reserve for Employee Stock ownership plan ESOP	Total Shareholders Equity	Minority Interest (EGP)	Total (EGP)
Beginning Balance	5,934,562,990	231,344,896	1,234,122,776	302,794,421	(334,419,692)	185,931,315	(723,343,863)	281,689,619	1,490,041,219	137,354,418	8,740,078,098	46,356,546	8,786,434,644
Transferred to Reserves	-	87,306,567	743,027,060	-	-	2,716,747	-	-	(833,050,374)	-	-	-	-
Transferred to Retained Earnings	-	-	-	-	(134,109,753)	-	-	-	134,109,753	-	-	-	-
Dividend paid	-	-	-	-	(15,105,920)	-	-	-	(791,100,598)	-	(806,206,518)	-	(806,206,518)
Net Profit of the Year	-	-	-	-	-	-	-	-	505,058,727	-	505,058,727	361,836	505,420,563
Transfer from Special Reserve	-	61,697,292	8,143,225	-	1,001,979	-	-	-	-	-	-	-	-
Change during the period	-	-	-	-	(341,600)	-	-	-	-	-	(341,600)	341,600	-
Addition from Financial	-	-	-	-	-	-	87,078,521	-	-	-	87,078,521	-	87,078,521
Transferred to Bank Risk Reserve	-	-	-	-	-	-	-	(22,811,813)	22,811,813	-	-	-	-
Reserve for Employee Stock Ownership Plan ESOP	-	-	-	-	-	-	-	-	-	22,235,018	22,235,018	-	22,235,018
Settlement of Intangible Asset value for Bank Share Before Acquisition	-	-	-	(302,794,421)	-	-	-	-	-	-	(302,794,421)	-	(302,794,421)
Balance at the end of the period	5,934,562,990	380,348,755	1985,293,061	-	(482,974,986)	117,805,566	(636,265,343)	285,877,806	527,870,540	159,589,436	8,245,107,825	47,059,982	8,292,167,807

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/0301D_-2012-5-9.pdf 

 

END

 

 

QRFALMLTMBMMBAT